The European Commission granted regulatory clearance to Infineon Technologies AG's proposed acquisition of U.S. chipmaker Cypress Semiconductor Corp.

The commission said the deal does not raise any antitrust concerns since Infineon and Cypress have limited overlaps in their businesses, and that the companies have "credible" competitors.

Infineon agreed in June to acquire Cypress for an enterprise value of €9.0 billion. The German semiconductor company raised about €1.55 billion through a private placement to partially fund the acquisition.

The deal, which is expected to be completed by the end of 2019 or early 2020, remains subject to approval by Cypress shareholders and other customary closing conditions.